Cardekho launches a specialized Fintech platform Rupyy
Automotive technology company CarDekho introduced Rupyy, a specialized fintech platform to provide financing options to automotive customers and retailers. The activities of CarDekho Financial Services will be transformed and merged under this new brand, the company said.
Rupyy will allow customers to apply and get instant approval for all their car finance needs.
According to CarDekho, “Rupyy is an end-to-end digital platform that has been designed to make the entire loan journey super easy and convenient while ensuring a fast turnaround time of just minutes. The experience incorporates a digital QR code based onboarding tool at car dealerships / financial service distributors Consumers can enjoy a self-help journey through this QR code, including video-KYC, e-NACH and e- agreement to get their loan sanctioned at the point of sale in just minutes. Consumers can also enjoy the journey at rupyy.com. Behind the screens, Rupyy has a proprietary multi-lender loan origination system that is deeply integrated to all partner banks and NBFCs in the auto lending ecosystem.”
Namit Jain, Co-Founder and CEO of Rupyy, said, “Car finance has traditionally been one of the slowest categories when it comes to customer experience. On average, the turnaround time to get a loan is more than 4-5 days due to several time-consuming and physical processes. Not only do these processes inconvenience customers, but they also impact the working capital cycle of automotive retailers. Rupyy consolidates our learnings from the past to deliver a modern end-to-end digital experience, from lead generation to loan disbursement to title transfer. In the future, we intend to add more categories as well as co-create financial products that offer a new way of owning an automobile in India. Our aspiration is to achieve 35-40% market share in the segment over the next 3-5 years. »
The used car finance industry made a strong comeback in FY22. Total loans disbursed by organized financiers was more than ₹29,000 crores, registering an annual growth of 60%. Used car finance penetration in India is also low at 18% compared to 75% for new cars. CarDekho estimates the industry to grow at a 20% annualized rate to reach the $10 billion mark by FY27, according to the press release.
The CarDekho Financial Services activity achieved a monthly rate of ₹400 crore used car finance disbursements in March 2022 and FY22 exit at an annualized run rate of ₹5,000 crore loan disbursements. The CarDekho Financial Services business has expanded its distribution to over 1,750 distribution partners in over 80 hubs nationwide.